- Chainlink’s Proof-of-Reserve tool is helping companies attain transparency in their financial operations.
- OpenEden is the latest Web3.0 outfit to implement the Chainlink PoR infrastructure.
Chainlink (LINK) is currently advancing its technological infrastructure for the Web3.0 world with its Proof-of-Reserve (PoR) solution. As the crypto industry’s most dominant oracle service provider, Chainlink’s influence has transversed both the blockchain world and the mainstream tech world.
The Chainlink PoR is designed to help platforms dealing with funds monitor reserve assets in a reliable and timely manner with the aid of the Proof Not Promises innovation. In an era where most blockchain-based entities are facing distrust from the public owing to the numerous implosions that were recorded in the past year, the switch to providing PoR has now grown remarkably.
Chainlink PoR is one of the most used in the industry at this time with top protocols including Circle, KPMG, Aave, BitGo, Paxos, and BitGet now adopting it fully. According to Chainlink, “Industry leaders use Chainlink Proof of Reserve for its unmatched security, reliability, and compatibility.”
The tool can be integrated to provide one of the most reliable proofs of reserves solutions today for automated audits that offer unparalleled transparency to users. One of the latest startups to adopt the Chainlink PoR is OpenEden, an outfit that is tokenizing the United States Treasury Bills.
.@openeden_hq is tokenizing US Treasury bills and has integrated @Chainlink Proof of Reserve 👀
Direct T-Bill exposure with 24/7 instant settlement on-chain, purchasable with stablecoins, providing ~5% yield
The RWA wave is growing pic.twitter.com/ZjR7bzOdZE
— ChainLinkGod.eth (@ChainLinkGod) April 4, 2023
Inside the OpenEden Business and the Chainlink Role
OpenEden seeks to democratize access to some of the most secure financial investments in the world, that is, access to the US T-Bills. Per its model, the startup has launched the first smart contract vault that is managed by a regulated financial institution.
Based on its design, stablecoin holders can mint TBILLS through the OpenEden TBILL Vault. The TBILLS on offer can enable users to earn a 5% interest rate per annum, a guarantee for one of the most reliable investments in the world.
“From the start, we wanted to create the opposite of a ‘trust me bro’ product for DAO treasuries, Web3 institutions, and crypto funds,” said Jeremy Ng, the co-founder of OpenEden. “There is around $130 billion worth of stablecoins sitting on the sidelines and not generating any meaningful yield. As DeFi yields continue to lag further behind traditional financial asset yields, there is a growing demand for institutional-grade DeFi products that offer low-risk, liquid, and transparent returns to stablecoin holders.”
The service OpenEden is offering is a very bold one and while its claims appear too good to be true, it can be verified using the Chainlink Proof-of-Reserve infrastructure. According to Jeremy Ng,
“The OpenEden TBILL Vault not only facilitates on-chain access to U.S. Treasury yields but it is also integrated with a Chainlink Proof-of-Reserves to provide real-time transparency into the underlying assets of TBILL tokens.”
The OpenEden integration is evidence that the Chainlink PoR is versatile and is fitting for all sizes of companies irrespective of their unique service provisions and leanings.
